Rankings Software, cloud & internet Telenor
Telenor
74
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Quality of growth−6
- Execution and guidance−5
- Future segment−3
Strengths
- Debt reduction+3
- Buybacks+2
How the score is built
From 100 to 74, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 133.60 NOK
- Median analyst target
- 146.50 NOK
- Upside to median
- +9.7%
- Analysts
- 20
- Target range
- 125.00 – 191.00 NOK
- 52-week change
- −11%
- P/E (trailing)
- 9.8
- Forward P/E
- 14.4
- PEG
- 1.02
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 5 findings−14 of −30
- −6Quality of growthService revenue fell 0.7% and adjusted EBITDA 4.8% organically in Q2; Norway −2.8% in service revenue and −7.7% in EBITDA. Revenue has fallen from NOK 97bn (2021) to 75bn.
- −3Future segmentA mature telecom without growth: analysts expect revenue −3.3% in 2026 and −0.5% a year for three years; the remaining Asia exposure is Grameenphone in Bangladesh.
- −2Capital allocationThe Asia history has been costly: ROIC −31% in 2023 after write-downs; the new Bahnhof deal is EPS-neutral and only accretive from 2029.
- −2ROICROIC 8–11% in 2024–2026 – moderate for a capital-heavy network business with a capex ratio rising to 14.5%.
- −1MoatThe incumbent in Norway with the strongest network, but campaign pressure in the mobile market and fierce competition in Finland show that pricing power is under pressure.
Price
Today's multiples against the company's own history and its peers. · 2 findings−4 of −35
- −2Multiples vs own historyForward P/E 14.4 vs 11.9–16.8 in 2021–2025 – mid-range even though EBITDA is now falling. The trailing P/E of 11 is lifted by the gain on the True sale.
- −2FCF yieldOn guided FCF of about NOK 10bn the FCF yield is about 5.6% of market value (178bn), not the 10% that historical FCF shows.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−14 of −35
- −5Execution and guidanceGuidance cut for the second quarter in a row (EBITDA now 'flat to slightly negative', FCF about 10bn); the shares fell about 13% – the biggest drop since October 2008.
- −3CompetitionA tougher mobile market in Norway, continued fierce competition in Finland and higher Nordic operating costs; NOK 337m of restructuring costs in Q2.
- −3Macro and AsiaGrameenphone: service revenue −3.2% and EBITDA −6.1% due to inflation after the Iran war; True Corporation terminated a contract (about NOK 200m of lost revenue in Telenor Procurement).
- −3Cash flow and dividendDividend of NOK 9.70 × 1.36bn shares ≈ NOK 13bn plus 6bn of buybacks vs guided FCF of about 10bn. Payouts are funded by the True proceeds; payout 111% of net profit.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Debt reductionSelling 25% of True (about NOK 30bn) and Telenor Pakistan halved net debt from NOK 85bn to 46bn; leverage 1.2–1.4x vs 2.4x a year earlier.
- +2
Caveats
What the score does not capture, or where the data is weak.
Telecom (no suitable industry – closest chosen); P/E 11 is lifted by the True gain; the dividend of about NOK 13bn is not covered by guided FCF of about 10bn.
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